There are many options for creating a licensing strategy for your software, and it can be a daunting task to navigate on your own. At my company, SoftwareKey.com, I have seen so many customers approach us wanting help licensing their software in every possible way.
While it is certainly possible to use every existing licensing option currently available on the market, it is not practical.
Throughout the years, I have used various tools to help guide my customers down a path of success when it comes to their software licensing strategy. The tools that have been the most effective for my clients, as well as my own projects, have been the Project Management Triangle and the 80/20 Rule.
Tools for success
When working with a client, I often refer to the Project Management Triangle (AKA the Good/Cheap/Fast Triangle). The triangle is a visual depiction of the interdependency of quality, cost, and time. When working on a project, you have to decide which two factors are the most important for your business.
My team and I pride ourselves on providing our customers with a solid foundation of products and services. That means “good” is automatically included in what we offer, whether it’s out-of-the-box functionality or a customized licensing strategy and solution.
I find that the 80/20 Rule compliments the Project Management Triangle for prioritization of projects. Also called the Pareto Principle, the rule describes the concept that 80% of results will come from 20% of the action. As you can see in the Forbes article linked above, this rule could be applied to anything – from revenue to which shoes you wear.
When applied to software licensing strategy, using the 80/20 Rule keeps a clear focus on what will bring the best benefit (and therefore the most revenue) to your business for the effort we have invested in the project.
Getting to Version 1 of your licensing strategy
The first question I ask both coaching clients and SoftwareKey customers is: if your choices are Good, Cheap, or Fast, which two do you choose? It is possible to cut corners and produce something quickly and cheaply with the intention to fix it later when you “have more time.” From my experience, however, that approach often comes back to bite you.
Since a licensing strategy is at the heart of your company’s revenue, it is one area where it’s crucial to mitigate risk. A technology coach is a fantastic resource to help guide you through the path of pitfalls. The right coach will help you get to the minimally viable product (or Version 1) to start bringing in revenue faster. And as I like to say, Version 1 is better than Version None (AKA no revenue!).
Making Version 1 even better!
Each project I take on begins with the intent of creating a solid foundation upon which you can scale and evolve your solution as your (and your customers’) needs change.
Many companies will sell you a “band aid” solution. I’ve seen it happen and the damage it can ultimately cause. My team and I don’t provide overnight fixes. Instead, we carefully examine your use cases and requirements to offer you strategies for long-term success.
You deserve a lasting solution
You want investments that empower your business for the long term. Custom licensing strategies should always bear your goals in mind and be dedicated to your permanent stability.
When you begin a coaching relationship with me, you determine the level and intensity of our interactions:
- Are you looking for guidance on specific questions that you can implement on your own?
- Are you looking for a higher level of involvement where I not only advise but take the lead in driving progress toward your goals?
Beginning with a Technology Assessment helps us identify and define the benefits working together will offer you and your business. Your preferences and expectations will shape our work. We will then utilize these tools and more not only to meet—but exceed—your licensing strategy goals.